Business NEWS

It’s been said that 2020 is a lost year – when the pandemic drove the global economy into recession, when many countries locked down their communities, and when companies did some rethinking on how to conduct their businesses. The year 2020 was practically written off. But we observed that companies in 2020 responded differently to the global crisis andtook any of the four organizational responses to the global crisis.

Nowadays, one will often hear from businessmen and managers alike how difficult and tough it is to manage their companies and businesses. Understandably, they lament and complain of lackluster revenues, rising costs, or a plainly slow market due to the lockdowns. But what does it mean exactly when they say business is difficult?

The registration of online businesses in the Philippines skyrocketed to 75,876 as of September 2 from 1,753 recorded in January to March 15as more and more entrepreneurs conduct business via the internet due to strict lockdown restrictions imposed to stem the spread of COVID-19, according to the Department of Trade and Industry.

“You’re on mute!”. This is going to be the phrase of the year, as people all over the world adjust to the new way of communicating and conducting business using video-conferencing tools; and indeed, people are still adjusting.

The pandemic has truly disrupted our lives, organizations, and nations. Work-from home, social distancing, and quarantines have become the new normal. With the bleak prospect of a universal vaccine in the foreseeable future, the World Health organization and nations are already singing the same song – we have to learn to co-exist with the coronavirus. As a result, technology and innovation have been responding to help people adapt to the new ways of life and business.